Listed oil and gas companies on the Nigerian Exchange (NGX) generated a total revenue of N4.9 trillion in the first half of 2025.
This represents a 33.45% increase from the same period in 2024, reflecting stronger sales across the sector and growing market demand.
Revenue, often called “the top line,” is the total money a company earns from selling goods and services before subtracting any costs or expenses.
A solid revenue stream is important because it gives companies the ability to cover costs and still generate profit. It also signals growth and resilience, which can attract investors even when operational challenges exist.
This report focuses on the oil and gas companies that generated the highest revenues in the first half of 2025, placing more emphasis on actual figures than on year-on-year performance.
Here are the top Nigerian oil and gas companies by revenue in H1 2025.
Oando Plc ranked 2nd with revenue of N1.72 trillion in H1 2025, down from N2.03 trillion in H1 2024.
- Supply and trading of crude, refined, and unrefined petroleum products made up N1.45 trillion.
- Exploration and production of oil and gas contributed N267.5 billion, with the rest from other activities.
Cost of sales fell alongside revenue to N1.6 trillion from N1.9 trillion, but gross profit still declined 28.05%.
Rising operating expenses pushed the company into a pre-tax loss of N145.7 billion.
Total assets rose to N6.7 trillion from N6.4 trillion, while liabilities increased to N7 trillion from N6.7 trillion.
In August 2024, Oando acquired the Nigerian Agip Oil Company (NOAC) from Eni for a total of US$783 million, aiming to expand its upstream operations.
